The betting exchange launched in 2003 by a group of 34 independent British and Irish bookmakers ceased trading as new financial backing is sought.

"We havenâ€™t got the money that we want to be able to provide a good competitor to the other exchanges, but it is not in a state of negative finance or anything like that," said Williams.

"Effectively, unless I get some funding, we are going to shut Betmart down, but that decision isnâ€™t going to be made immediately, and in the meantime, the customers accounts are separate from the business account, itâ€™s all there, and if people want to request their money, it is all available."

"The bookmakers are useless. We could have had a successful business had the bookmakers made an effort. A number of them, to be fair, made a financial effort, but they made no physical effort to use the site, and that was its downfall really."

"I am talking to guys in the City of London, but a number of them want me to move in different directions. Some of them want me to move towards casinos, and some want me to do a more financial-based betting exchange, so at the moment it is just a case of protracted negotiations," added Williams.

In the meantime, the company made arrangements for the several hundred customers to receive the balance of their accounts by the end of May.